Crunch time?
What a performance by $DJIA(.DJI)$, $NASDAQ(.IXIC)$and the $S&P 500(.SPX)$on Tuesday. Just when we thought the markets might take a dive down after the reversal from the highs the previous day, the SPX decided to instead make another push at the 3950 level which I believe is where the bears will make a final stand against the bulls in the latters' push towards the 4100-4300 levels.
Based on market performance, it looks like a low might be in and the 3rd scenario I mentioned yesterday about a washout to the 3500 level in the SPX seems less probable. The market just seems primed to erupt upwards in my opinion and if prices keep pushing upwards, I believe that a rally towards the 4100-4300 levels is on the cards. Whether it is a bear market rally in a bigger bear market or the actual reversal and the start of the next bull cycle remains to be seen and we shall figure that out as the market pan out.
I shall be looking to add to long positions on the next dip in anticipation of an upcoming rally and possible start of the next bull cycle. So Ishall be looking at possible market leaders which might benefit from that.
Stay safe 😊
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